6. SHORT-TERM BORROWINGS FROM BANKS

6 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS FROM BANKS

Short-term borrowings from banks consisted of the following as of:

	December 31, 2014		June 30, 2014
Loan dated June 2011, due to a financial institution, with principal and monthly interest payments (interest rate of 8.90% per annum), and the original remaining balance due March 2014, which was extended to March 2015 (interest rate of 10.55% per annum as extended)	$	148,295	$	148,295

The short-term borrowings from banks of $148,295 as of December 31, 2014 and June 30, 2014, resulted from the consolidation of FTI’s debt.